U.S. Government to exhaust borrowing capacity by Oct. 17

U.S. Treasury Secretary Jack Lew warned Congress today that the United States would exhaust its borrowing capacity no later than Oct. 17, when it would have only about $30 billion in cash on hand. The new estimate came in a letter from Lew to congressional leaders as he urged them to raise the nation’s $16.7 trillion debt limit soon. “If the government should ultimately become unable to pay all of its bills, the results could be catastrophic,” Lew said.